Last week, the climate and ESG world was ablaze with the rumor that the SEC will bring its final climate disclosure rule to a vote next month, and that Scope 3 emissions will not be included in the final release. We don’t get too involved in rumors or predicting what the SEC will do when, but it seems worth weighing in here. As Liz Dunshee wrote on LinkedIn yesterday:
“If I had a dollar for every time during the past year that I heard that the SEC climate rules are coming ‘next month,’ I’d be rich. But new reports say that an internal draft of the adopting release is getting closer to final. When it actually gets squared away and goes to a vote is still an open question, and that’s not even taking into account the possible government shutdown!”
And from her blog on the matter on TheCorporateCounsel.net:
“So far, the SEC hasn’t announced an open meeting to vote on this matter – but a lot of folks are sure to be watching for an announcement. Many had already been wagering on early March due to the Congressional Review Act and the SEC’s Reg Flex Agenda. But keep in mind that there could still be a lot to do behind the scenes even after a draft rule is circulated. When it comes to specific timing, we won’t know until we know!”
There was another rumor late last year that a “30 day draft” had been circulated to the Commission back in early November, but nothing ever emerged after that. The aptly named 30-day draft goes up to the Commission 30 days before the open meeting in which the rule is voted on.
Announcements of Commission meetings are required at least one week prior to considering any new rule, except where a majority of Commissioners determine that earlier consideration is necessary. So we may have a week or more notice of the vote, or less time, especially considering Liz’s point about the looming possible shutdown – not to mention the upcoming presidential election. If I were a betting man, I’d put my money on something completely different – like who will win the World Series (go Braves!).
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